Sector movers: Pharma, Banks pace losses
Pharma paced losses on the FTSE 350 after analysts at Citi downgraded the lot to 'neutral', citing "potential US election risk".
As an aside, in the same research note, Citi argued that consensus was too optimistic for UK earnings per share growth to finish 2021 15% below their end-2019 level, forecasting instead about a 30% drop.
Banks were lower too, in part tracking a dip in US 10-year US Treasury yields and with a mixed bag of quarterly earnings from sector peers across the Pond and ongoing doubts around the prospect for further fiscal stimulus in the States also dampening sentiment towards the sector.
Going the other way were Retailers after European food-ordering firm Just Eat Takeaway.com said the year-on-year rate of order growth accelerated to 46% in the third quarter, driven by continuing coronavirus curbs.
That was up from the 32% surge observed in the first half, with orders up by 47% in Germany, 43% in the UK and 32% in the Netherlands.
Other big names in the sector clocking in with large share price gains on Wednesday included AO World, Dunelm, Halfords, JD Sports, Kingfisher, and Topps Tiles.
Stock in Asos on the other hand plunged as the online fashion retailer warned of pressures on the disposable income of its 20-something customers.
Nonetheless, for the year to the end of August, pre-tax profit jumped 329% to £142.1m, with revenue up 19% at £3.3bn.
Evraz meanwhile was boosted by an upwards target price revision out of JP Morgan, from 500p to 520p.
Top performing sectors so far today
General Retailers 2,462.98 +1.91%
Chemicals 13,078.78 +1.83%
Leisure Goods 27,011.91 +1.79%
Industrial Metals & Mining 3,562.39 +1.30%
Electricity 7,960.89 +1.26%
Bottom performing sectors so far today
Pharmaceuticals & Biotechnology 17,192.92 -1.77%
Banks 1,882.20 -1.65%
Mobile Telecommunications 2,520.79 -1.52%
Real Estate Investment & Services 2,440.11 -1.44%
Tobacco 27,824.19 -1.04%